FOR THE URGENT ATTENTION OF: [ ]
Dear Sirs b. L/C Demand
Irrevocable Letter of Credit No [ ] Dated [ ] 200 [ ] issued by [ ] In favour of [ ]
We refer to the above Letter of Credit (the 'Letter of Credit'). Terms defined in the Letter of Credit have the same meanings when used in this L/C Demand certificate.
We are not in receipt of the Certificate of Delivery. Accordingly we hereby demand the amount of £[ ] ([ ] pounds sterling). This payment is demanded in accordance with, and is due under, Clause 2 of the Letter of Credit.
Yours faithfully (Authorized Signatory)
Schedule 2 contains the details of the payment obligations under the letter of credit. As mentioned earlier, the payment obligations must match the underlying payment obligations of the Distributor under the Distribution Agreement and the contents of the schedule provide certainty for both the Issuer and the Beneficiary as to the maximum amounts that will be payable under the letter of credit at any given date.
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